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BOE: Mann seems very far away voting to cut any time soon

BOE
Bank of EnglandCentral Bank NewsCEEMEABulletUKMarketsFixed Income BulletsForeign Exchange Bullets
  • Mann says she's is concerned about inflation lasting for longer (that's not a surprise). She said that she takes into account inflation expectations. And she took into account 2 aspects of the Budget - stating that it was front loaded and geographically dispersed across the country. But that to realise the price expectations going forward - those are inconsistent with the 2% target.
  • Re the National Living Wage - she says that in her analysis of labour market developments there is a residual legacy effect of the two increases in NLW over the past 2 years that even before this year's announcement of the NLW in the Budget firms were struggling to deal with them. There was wage compression. Then there is this year's increase and NI increases - and she points to the analysis in the last MPR re those.
  • Need to wait and see - all of these are upside risks to inflation.
  • Nothing too surprising from her - she has spoken many times recently but she seems very far away from voting for cuts here.
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  • Mann says she's is concerned about inflation lasting for longer (that's not a surprise). She said that she takes into account inflation expectations. And she took into account 2 aspects of the Budget - stating that it was front loaded and geographically dispersed across the country. But that to realise the price expectations going forward - those are inconsistent with the 2% target.
  • Re the National Living Wage - she says that in her analysis of labour market developments there is a residual legacy effect of the two increases in NLW over the past 2 years that even before this year's announcement of the NLW in the Budget firms were struggling to deal with them. There was wage compression. Then there is this year's increase and NI increases - and she points to the analysis in the last MPR re those.
  • Need to wait and see - all of these are upside risks to inflation.
  • Nothing too surprising from her - she has spoken many times recently but she seems very far away from voting for cuts here.